Universal Property & Casualty Insurance Company Discusses Hurricane Irma Response
Fort Lauderdale, FL, September 13, 2017 – Today Universal Property & Casualty Insurance Company (“UPCIC”), a wholly owned subsidiary of Universal Insurance Holdings, Inc. (NYSE: UVE) updated the status of its response to Hurricane Irma, which made landfall in the Florida Keys on September 10, 2017 as a Category 4 storm on the Saffir-Simpson Hurricane Scale, before making landfall later that day in Southeast Florida as a Category 3 storm. UPCIC has more than $300 million in surplus and a catastrophe reinsurance program providing $2.65 billion in coverage for an event such as Hurricane Irma. Although Hurricane Irma was a large event and its path affected most areas of Florida, UPCIC’s projected losses from Hurricane Irma are far below the limits of this catastrophe reinsurance program.
UPCIC is actively assisting policyholders in returning their homes to their pre-storm condition. The company’s mobile claims units already have been deployed to affected areas and are adjusting claims. UPCIC will continue to send adjusters to additional areas as power outages, flooding, road closures and similar issues are alleviated. UPCIC’s Chief Executive Officer Sean P. Downes commented: “Hurricane Irma was a devastating event that caused a wide swath of damage across the entire Florida peninsula, and Universal remains committed to helping all affected policyholders in this time of need. Our Fast Track claims team and Catastrophe Response units have been on the ground adjusting claims and assisting policyholders since shortly after landfall, and will continue to be active in the weeks and months ahead.”
UPCIC continues to accept claims notices from policyholders online through the Hurricane Irma link at www.universalproperty.com and through its toll-free number, 1-800-470-0599. The call volume has remained well within the company’s catastrophe response plan, and the average wait time today has been only 10 seconds.
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings, Inc., with its wholly-owned subsidiaries, is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. Universal Property & Casualty Insurance Company (UPCIC), a wholly-owned subsidiary of the Company, is one of the leading writers of homeowners insurance in Florida and is now fully licensed and has commenced its operations in North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, Indiana, Pennsylvania, Minnesota, Michigan, Alabama, Virginia, and New Jersey. American Platinum Property and Casualty Insurance Company (APPCIC), also a wholly-owned subsidiary, currently writes homeowners multi-peril insurance on Florida homes valued in excess of $1 million, which are limits and coverages currently not targeted through its affiliate UPCIC. APPCIC is additionally licensed and has commenced writing Fire, Commercial Multi-Peril, and Other Liability lines of business in Florida. For additional information on the Company, please visit our investor relations website at www.universalinsuranceholdings.com.
Forward-Looking Statements and Risk Factors
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on plans, products and lines of business, marketing arrangements, reinsurance programs and other business developments and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future results could differ materially from those described, and the Company undertakes no obligation to correct or update any forward-looking statements. For further information regarding risk factors that could affect the Company’s operations and future results, refer to the Company’s reports filed with the Securities and Exchange Commission, including Form 10-K for the year ended December 31, 2016 and Form 10-Q for the quarter ended June 30, 2017.